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Millennials Seek Job Stability, Flexibility

A new Deloitte Global survey concludes that many millennials are uneasy about the future and seek to combine the stability of a permanent job with the flexibility of freelancing.

Conventional wisdom says millennials pose a flight risk to their employers, but that may be changing. Uncertainty over economic, political, and social conditions and anxiety about the future could make it easier for CMOs to recruit and retain millennial marketing professionals, according to the 2017 Deloitte Millennial Survey.

Based on the views of nearly 8,000 global participants born after 1982, the annual survey finds that many millennials—especially those in developed economies—have numerous concerns and are unsure about their personal prospects. In mature markets, barely a third (34 percent) of respondents expect better economic conditions in the future, and only a quarter foresee social and political improvements.

Millennials in developing countries are more optimistic; in fact, their economic confidence is at its highest level since the first survey in 2012. Fifty-seven percent expect their countries’ economic situations to improve and 48 percent have a positive social and political outlook.

The top concerns for millennials in mature economies are terrorism, war, and political tension (56 percent), while their counterparts in emerging countries are worried about crime and corruption (58 percent). The economy and unemployment are issues—but not a top priority—for 31 percent of participants in developed countries and 39 percent of those in developing markets.

Given their apprehension, millennials appear to be more loyal to employers than they were a year ago, especially in developed countries, including the U.S., U.K., and France. Last year’s survey found that 44 percent of all millennials said they expect to leave their employers within two years; only 27 percent planned to stay in their current situations beyond five years. This year, 38 percent say they expect to leave their employers within two years, while 31 percent intend to stay with their current employers longer than five years (Figure 1).

By a factor of at least five to one, surveyed millennials believe that, compared to a permanent job with a single employer, working as a consultant or freelancer provides greater job satisfaction, an enhanced sense of responsibility, more chances to work abroad, and increased opportunities to learn new skills or work in different sectors.

Despite these perceived advantages, 61 percent of millennials in emerging markets and 70 percent of millennials in mature economies prefer full-time employment and would be inclined to turn down offers for freelance or consulting work. The reasons most often given for preferring a permanent position are job security and a fixed income.

Surveyed millennials appear to want the best of both worlds—full-time stability with freelance flexibility. Within the workplace, flexible working practices continue to be important. Overall, 84 percent of millennials report their organizations offer some degree of flexibility, including flexible hours, roles, recruitment practices, and work locations. Thirty-nine percent of millennials characterize their work environments as highly flexible, while 31 percent describe them as moderately flexible and 27 percent report low levels of flexibility.

Although the percentage of millennials able to work flexible hours (69 percent) remains about the same as last year (67 percent), the percentage of millennials able to work outside of their primary office locations jumped 21 points to 64 percent—likely a reflection of how rapidly technology has facilitated mobile work and how much more comfortable employers are with telecommuting (Figure 2).

Surveyed millennials credit workforce flexibility with greater productivity, organizational performance, employee engagement, and personal well-being, health, and happiness. Perhaps as a result, millennials in highly flexible working environments seem to reward their employers with more loyalty. In the most flexible environments, the gap between those who intend to leave within two years (35 percent) and those who expect to stay beyond five years (33 percent) is just 2 percent. In the least flexible organizations, there is an 18-point gap (45 percent versus 27 percent).

In addition, accountability and personal responsibility are highly correlated with flexible environments. Where flexible working is most deeply entrenched, 34 percent feel a great deal of personal accountability for their organizations’ reputations, compared with just 12 percent in enterprises where there is low flexibility.

Consistent with earlier findings, the 2017 study found that millennials remain staunchly pro-business. They believe business can address their concerns about the future, and continue to rank business behavior highly. Seventy-six percent regard business as a force for positive social impact, 65 percent say companies behave ethically, and 62 percent say their leaders are committed to improving society. However, their generally positive evaluation is tempered by a belief that large multinational corporations are not fully realizing their potential to alleviate society’s biggest challenges.

Findings from the Deloitte Global report also appear to suggest a correlation between social purpose and positive employee sentiment. The survey showed that millennials intend to stay longer with employers that engage with social issues, and those most optimistic about their countries’ progress are more likely to say their employers are involved with wider social and economic issues. Meanwhile, those whose workplaces provide opportunities to contribute to charities and social causes show a greater level of loyalty, have a more positive opinion of business behavior, and are less pessimistic about society in general.

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CMOs seeking to attract, develop, and retain marketing professionals may find millennials less eager to change jobs than in previous years. This is good news for employers—but at 38 percent, the number of millennials who say they intend to leave their jobs within two years is still high. CMOs who offer marketing teams flexible work alternatives may be able to gain an edge in recruiting and retention over those with more rigid work expectations. In return, millennials will likely be more productive, optimistic, accountable, engaged, and loyal.

Even as their confidence about the future falters, millennials are hopeful that businesses can have a positive influence on society. Because employee loyalty and optimism appear to be correlated with a business’s social impact, CMOs can work within their organizations to help develop opportunities for connections with charitable causes and social issues.

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